Old National Bancorp Reports First Quarter 2026 Results

EVANSVILLE, Ind., April 22, 2026 (GLOBE NEWSWIRE) -- Old National Bancorp (NASDAQ: ONB) reports 1Q26 net income applicable to common shares of $229.6 million, diluted EPS of $0.59; $237.7 million and $0.61 on an adjusted1 basis, respectively. CEO COMMENTARY: "Old National's first-quarter results reflect disciplined execution and a strong start to the year," said Chairman and CEO Jim Ryan. "We delivered strong loan growth, controlled expenses, and maintained strong credit, capital, and liquidity levels, while also taking decisive action on capital returns. Momentum across our businesses continues to build, and nothing we’re seeing changes our confidence in our full-year expectations." FIRST QUARTER HIGHLIGHTS2: Net Income Net income applicable to common shares of $229.6 million; adjusted net income applicable to common shares1of $237.7 millionEarnings per diluted common share ("EPS") of $0.59; adjusted EPS1of $0.61 Net Interest Income/NIM Net interest income on a fully taxable equivalent basis1of $580.4 millionNet interest margin on a fully taxable equivalent basis1("NIM") of 3.55%, down 10 basis points ("bps") Operating Performance Pre-provision net revenue1("PPNR") of $338.1 million; adjusted PPNR1of $348.7 millionNoninterest expense of $364.7 million; adjusted noninterest expense1of $354.0 millionEfficiency ratio1of 48.3%; adjusted efficiency ratio1of 45.7% Deposits and Funding Period-end total deposits of $55.7 billion, up 4.2% annualizedGranular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps; interest-bearing deposit costs of 224 bps, down 14 bps Loans and Credit Quality End-of-period total loans3of $49.8 billion, up $970.9 million or 8.0% annualizedProvision for credit losses4("provision") of $34.9 millionNet charge-offs of $32.0 million, or 26 bps of average loans; 19 bps excluding purchased credit deteriorated ("PCD") loans that had an allowance at acquisition30+ day delinquencies of 0.24% and nonaccrual loans of 1.03% of total loans Return Profile & Capital Return on average tangible common equity1("ROATCE") of 18.4%; adjusted ROATCE1of 19.0%Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.11%, up 3 bpsRepurchased 3.9 million shares of common stock during the quarter Notable Items $7.3 million of pre-tax merger-related charges$3.4 million of pre-tax expense related to the distribution of excess pension plan assets5 1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Includes non-cash expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan 6 Includes a loss associated with the termination of the Bremer pension plan 7 Represents the Company's estimate of its FDIC special assessment using the FDIC's updated estimate of losses to its Deposit Insurance Fund RESULTS OF OPERATIONS2 Old National Bancorp reported first quarter 2026 net income applicable to common shares of $229.6 million, or $0.59 per diluted common share. Included in first quarter results were pre-tax charges of $7.3 million for merger-related expenses, a $3.4 million non-cash, pre-tax expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan. Excluding these items and realized debt securities gains from the current quarter, adjusted net income1 was $237.7 million, or $0.61 per diluted common share. DEPOSITS AND FUNDING Increases in retail and commercial deposits more than offset seasonal outflows of public funds. Period-end total deposits were $55.7 billion, up 4.2% annualized.On average, total deposits for the first quarter were $55.1 billion, consistent with the fourth quarter of 2025.Granular low-cost deposit franchise; total deposit costs of 172 bps, down 8 bps.A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity. LOANS Loan growth driven by strong high quality commercial loan production. Period-end total loans3 were $49.8 billion, up $970.9 million or 8.0% annualized, including commercial and industrial loan growth of $633.8 million.Total commercial loan production in the first quarter was $3.3 billion, down 5%; record period-end commercial pipeline totaled $5.5 billion, up 14%.Average total loans in the first quarter were $49.2 billion, up 7.9% annualized. CREDIT QUALITY Credit quality continues to be a hallmark of Old National. Provision4 expense was $34.9 million compared to $32.7 million.Net charge-offs were $32.0 million, or 26 bps of average loans, compared to 27 bps. Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 19 bps compared to 16 bps. 30+ day delinquencies as a percentage of loans were 0.24% compared to 0.22%.Nonaccrual loans as a percentage of total loans were 1.03% compared to 1.07%.The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $608.1 million, or 1.22% of total loans, compared to $605.2 million, or 1.24% of total loans. NET INTEREST INCOME AND MARGIN Lower net interest income and margin compression reflective of the rate environment. Net interest income on a fully taxable equivalent basis1 decreased to $580.4 million compared to $588.8 million, driven by lower asset yields, partly offset by high quality loan growth and lower funding costs.Net interest margin on a fully taxable equivalent basis1 decreased 10 bps to 3.55%.Cost of total deposits was 1.72%, decreasing 8 bps and the cost of total interest-bearing deposits decreased 14 bps to 2.24%. NONINTEREST INCOME Strong wealth fees more than offset by seasonally lower bank fees as well as lower capital markets and mortgage fees which were elevated in the prior quarter. Total noninterest income was $122.3 million compared to $109.7 million, or $125.6 million excluding a $15.9 million pre-tax loss associated with the termination of the Bremer pension plan in the fourth quarter of 2025.Excluding the pension plan loss6 in the fourth quarter of 2025 and realized debt securities gains, noninterest income was down 2.6% driven by seasonally lower bank fees as well as lower capital markets and mortgage fees, which were elevated in the prior quarter, partly offset by strong wealth management fees. NONINTEREST EXPENSE 100% realization of Bremer cost savings along with disciplined expense management drives record adjusted efficiency ratio. Noninterest expense was $364.7 million and included $7.3 million of merger-related charges as well as a $3.4 million non-cash expense associated with the distribution of excess pension assets with the resolution of the legacy First Midwest Bancorp, Inc. plan.Excluding the above noted items, adjusted noninterest expense1 decreased to $354.0 million, compared to $364.8 million excluding merger-related charges and a $3.0 million pre-tax reduction of previously accrued FDIC special assessment7 in the fourth quarter of 2025, driven by disciplined expense management and lower other expense which was elevated in the prior quarter.The efficiency ratio1 was 48.3%, while the adjusted efficiency ratio1 was 45.7% compared to 51.6% and 46.0%, respectively. INCOME TAXES Income tax expense was $61.6 million, resulting in an effective tax rate of 20.9% compared to 20.2%. On an adjusted fully taxable equivalent ("FTE") basis1, the effective tax rate was 22.9% compared to 22.7%.Income tax expense included $8.7 million of tax credit benefit compared to $10.5 million. CAPITAL Capital ratios remain strong. Preliminary total risk-based capital up 86 bps to 13.71% and preliminary regulatory Tier 1 capital up 3 bps to 11.56%, as strong retained earnings drive capital, partly offset by growth in loans and share repurchases. In addition, total risk-based capital was impacted by the issuance of $450.0 million of subordinated notes during the quarter.Tangible common equity to tangible assets was 7.67% compared to 7.72%.The Company repurchased 3.9 million shares of common stock during the quarter. CONFERENCE CALL AND WEBCAST Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Wednesday, April 22, 2026, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. The telephone replay will be available approximately one hour after completion of the call until midnight Eastern Time on May 6, 2026. To access the replay, dial U.S. (800) 770-2030 or International (609) 800-9909; Access code 9394540. ABOUT OLD NATIONAL Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $73 billion of assets and $39 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of "The Civic 50" - an honor reserved for the 50 most community-minded companies in the United States. USE OF NON-GAAP FINANCIAL MEASURES The Company's accounting and reporting policies conform to U.S. generally accepted accounting principles ("GAAP") and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company's operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release. The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, a pension plan gain/loss, FDIC special assessment expense, debt securities gains/losses, and CECL Day 1 non-PCD provision expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company's underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes. Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company's underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes. The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain/loss and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes. The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. In management's view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company's use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution's capital strength since they eliminate intangible assets from stockholders' equity and retain the effect of accumulated other comprehensive loss in stockholders' equity. Although intended to enhance investors' understanding of the Company's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the "Non-GAAP Reconciliations" section for details on the calculation of these measures to the extent presented herein. FORWARD-LOOKING STATEMENTS This earnings release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "potential," "predict," "should," "would," and "will," and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the impact of purchase accounting with respect to the merger between Old National and Bremer (the “Merger”), or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC. CONTACTS: Media: Rick Jillson Investors: Lynell Durchholz(812) 465-7267 (812) [email protected] [email protected] Financial Highlights (unaudited)($ and shares in thousands, except per share data) Three Months Ended March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 Income Statement Net interest income$572,573 $580,832 $574,609 $514,790 $387,643 FTE adjustment1,3 7,849 8,013 7,975 7,063 5,360 Net interest income - tax equivalent basis3 580,422 588,845 582,584 521,853 393,003 Provision for credit losses 34,946 32,745 26,738 106,835 31,403 Noninterest income 122,346 109,759 130,461 132,517 93,794 Noninterest expense 364,704 386,320 445,734 384,766 268,471 Net income applicable to common shareholders 229,638 212,589 178,533 121,375 140,625 Per Common Share Data Weighted average diluted shares 388,054 389,550 390,496 361,436 321,016 EPS, diluted$0.59 $0.55 $0.46 $0.34 $0.44 Cash dividends 0.145 0.140 0.140 0.140 0.140 Dividend payout ratio2 25% 25% 30% 41% 32%Book value$21.40 $21.17 $20.64 $20.12 $19.71 Stock price 22.10 22.31 21.95 21.34 21.19 Tangible book value3 13.93 13.71 13.15 12.60 12.54 Performance Ratios ROAA 1.29% 1.21% 1.03% 0.77% 1.08%ROAE 11.1% 10.4% 9.0% 6.7% 9.1%ROATCE3 18.4% 17.8% 15.9% 12.0% 15.0%NIM (FTE)3 3.55% 3.65% 3.64% 3.53% 3.27%Efficiency ratio3 48.3% 51.6% 58.8% 55.8% 53.7%NCOs to average loans 0.26% 0.27% 0.25% 0.24% 0.24%ACL on loans to EOP loans 1.15% 1.17% 1.19% 1.18% 1.10%ACL4to EOP loans 1.22% 1.24% 1.26% 1.24% 1.16%NPLs to EOP loans 1.03% 1.07% 1.23% 1.24% 1.29%Balance Sheet (EOP) Total loans$49,731,844 $48,764,162 $47,967,915 $47,902,819 $36,413,944 Total assets 73,002,651 72,151,967 71,210,162 70,979,805 53,877,944 Total deposits 55,672,472 55,088,195 55,006,184 54,357,683 41,034,572 Total borrowed funds 7,823,198 7,451,367 6,766,381 7,346,098 5,447,054 Total shareholders' equity 8,510,653 8,494,788 8,309,271 8,126,387 6,534,654 Capital Ratios3 Risk-based capital ratios (EOP): Tier 1 common equity 11.11% 11.08% 11.02% 10.74% 11.62%Tier 1 capital 11.56% 11.53% 11.49% 11.20% 12.23%Total capital 13.71% 12.85% 12.78% 12.59% 13.68%Leverage ratio (average assets) 8.93% 8.90% 8.72% 9.26% 9.44%Equity to assets (averages) 11.79% 11.73% 11.48% 11.38% 12.01%TCE to TA 7.67% 7.72% 7.53% 7.26% 7.76%Nonfinancial Data Full-time equivalent employees 4,948 4,971 5,243 5,313 4,028 Banking centers 346 346 351 351 280 1Calculated using the federal statutory tax rate in effect of 21% for all periods. 2Cash dividends per common share divided by net income per common share (basic). 3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures.4Includes the allowance for credit losses on loans and unfunded loan commitments. March 31, 2026 capital ratios are preliminary.FTE - Fully taxable equivalent basis ROAA - Return on average assets ROAE - Return on average equity ROATCE - Return on average tangible common equity NCOs - Net Charge-offs ACL - Allowance for Credit Losses EOP - End of period actual balances NPLs - Non-performing Loans TCE - Tangible common equity TA - Tangible assets Income Statement (unaudited)($ and shares in thousands, except per share data) Three Months Ended March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 Interest income$877,391 $897,301 $917,192 $824,961 $630,399 Less: interest expense 304,818 316,469 342,583 310,171 242,756 Net interest income 572,573 580,832 574,609 514,790 387,643 Provision for credit losses 34,946 32,745 26,738 106,835 31,403 Net interest income after provision for credit losses 537,627 548,087 547,871 407,955 356,240 Wealth and investment services fees 39,715 39,012 39,684 35,817 29,648 Service charges on deposit accounts 26,937 27,516 27,856 23,878 21,156 Debit card and ATM fees 12,038 13,178 13,197 12,922 9,991 Mortgage banking revenue 9,554 11,053 10,442 10,032 6,879 Capital markets income 11,016 13,080 12,629 7,114 4,506 Company-owned life insurance 7,561 7,099 7,565 6,625 5,381 Other income 15,450 (1,252) 19,081 36,170 16,309 Debt securities gains (losses), net 75 73 7 (41) (76)Total noninterest income 122,346 109,759 130,461 132,517 93,794 Salaries and employee benefits 184,073 187,251 211,345 202,112 148,305 Occupancy 36,995 35,243 34,442 30,432 29,053 Equipment 12,075 14,184 12,703 12,566 8,901 Marketing 16,434 14,418 15,093 13,759 11,940 Technology 29,025 30,882 36,122 31,452 22,020 Communication 6,196 6,726 7,742 5,014 4,134 Professional fees 12,356 18,454 13,598 21,931 7,919 FDIC assessment 13,756 11,190 14,095 13,409 9,700 Amortization of intangibles 25,623 26,016 26,184 19,630 6,830 Amortization of tax credit investments 7,111 9,822 7,057 5,815 3,424 Other expense 21,060 32,134 67,353 28,646 16,245 Total noninterest expense 364,704 386,320 445,734 384,766 268,471 Income before income taxes 295,269 271,526 232,598 155,706 181,563 Income tax expense 61,597 54,903 50,031 30,298 36,904 Net income$233,672 $216,623 $182,567 $125,408 $144,659 Preferred dividends (4,034) (4,034) (4,034) (4,033) (4,034)Net income applicable to common shares$229,638 $212,589 $178,533 $121,375 $140,625 EPS, diluted$0.59 $0.55 $0.46 $0.34 $0.44 Weighted Average Common Shares Outstanding Basic 385,849 387,862 389,038 360,155 315,925 Diluted 388,054 389,550 390,496 361,436 321,016 Common shares outstanding (EOP) 386,315 389,662 390,768 391,818 319,236 End of Period Balance Sheet (unaudited)($ in thousands) March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 Assets Cash and due from banks$537,322 $591,645 $491,910 $637,556 $486,061 Money market and other interest-earning investments 1,216,826 1,234,532 1,190,707 1,171,015 753,719 Investments: Treasury and government-sponsored agencies 2,371,903 2,427,371 2,402,375 2,445,733 2,364,170 Mortgage-backed securities 10,295,623 10,078,358 10,117,015 9,632,206 6,458,023 States and political subdivisions 1,454,444 1,570,888 1,579,802 1,590,272 1,589,555 Other securities 814,990 825,761 849,911 852,687 755,348 Total investments 14,936,960 14,902,378 14,949,103 14,520,898 11,167,096 Loans held-for-sale, at fair value 56,128 52,911 80,341 77,618 40,424 Loans: Commercial 15,617,656 14,983,861 14,506,375 14,662,916 10,650,615 Commercial and agriculture real estate 22,192,900 22,050,007 22,083,734 21,879,785 16,135,327 Residential real estate 8,621,409 8,467,496 8,190,127 8,212,242 6,771,694 Consumer 3,299,879 3,262,798 3,187,679 3,147,876 2,856,308 Total loans 49,731,844 48,764,162 47,967,915 47,902,819 36,413,944 Allowance for credit losses on loans (574,358) (569,520) (572,178) (565,109) (401,932)Premises and equipment, net 690,400 690,824 691,950 682,539 584,664 Goodwill and other intangible assets 2,886,419 2,907,986 2,926,960 2,944,372 2,289,268 Company-owned life insurance 1,054,824 1,051,009 1,044,780 1,046,693 859,211 Accrued interest receivable and other assets 2,466,286 2,526,040 2,438,674 2,561,404 1,685,489 Total assets$73,002,651 $72,151,967 $71,210,162 $70,979,805 $53,877,944 Liabilities and Equity Noninterest-bearing demand deposits$12,927,096 $13,247,483 $12,691,658 $12,652,556 $9,186,314 Interest-bearing: Checking and NOW accounts 10,969,731 10,740,919 11,162,121 10,554,889 8,237,335 Savings accounts 4,985,949 4,909,138 4,958,555 5,058,819 4,715,329 Money market accounts 16,871,237 16,529,631 17,032,446 16,880,190 11,638,653 Time deposits 9,918,459 9,661,024 9,161,404 9,211,229 7,256,941 Total deposits 55,672,472 55,088,195 55,006,184 54,357,683 41,034,572 Federal funds purchased and interbank borrowings 200,583 100,197 1 340,246 170 Securities sold under agreements to repurchase 264,518 261,366 277,594 297,637 290,256 Federal Home Loan Bank advances 6,026,801 6,237,375 5,663,361 5,835,918 4,514,354 Other borrowings 1,331,296 852,429 825,425 872,297 642,274 Total borrowed funds 7,823,198 7,451,367 6,766,381 7,346,098 5,447,054 Accrued expenses and other liabilities 996,328 1,117,617 1,128,326 1,149,637 861,664 Total liabilities 64,491,998 63,657,179 62,900,891 62,853,418 47,343,290 Preferred stock, common stock, surplus, and retained earnings 9,053,907 8,973,459 8,833,662 8,725,995 7,183,163 Accumulated other comprehensive income (loss), net of tax (543,254) (478,671) (524,391) (599,608) (648,509)Total shareholders' equity 8,510,653 8,494,788 8,309,271 8,126,387 6,534,654 Total liabilities and shareholders' equity$73,002,651 $72,151,967 $71,210,162 $70,979,805 $53,877,944 Average Balance Sheet and Interest Rates (unaudited)($ in thousands) Three Months Ended Three Months Ended Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 AverageIncome1/Yield/ AverageIncome1/Yield/ AverageIncome1/Yield/Earning Assets: BalanceExpenseRate BalanceExpenseRate BalanceExpenseRateMoney market and other interest-earning investments $1,215,029 $10,9443.65% $1,261,352 $12,4113.90% $791,067 $8,8154.52%Investments: Treasury and government-sponsored agencies 2,418,767 19,1213.16% 2,417,085 19,9073.29% 2,318,869 20,0193.45%Mortgage-backed securities 10,267,648 107,4654.19% 10,148,898 106,9354.21% 6,287,825 54,5233.47%States and political subdivisions 1,525,277 12,5413.29% 1,576,423 13,0023.30% 1,610,819 13,2423.29%Other securities 839,943 13,3776.37% 836,161 12,0065.74% 770,839 10,5125.45%Total investments 15,051,635 152,5044.05% 14,978,567 151,8504.06% 10,988,352 98,2963.58%Loans:2 Commercial 15,305,376 233,4406.10% 14,658,743 237,6876.49% 10,397,991 165,5956.37%Commercial and agriculture real estate 22,056,911 335,9486.09% 22,020,548 351,7616.39% 16,213,606 245,9356.07%Residential real estate loans 8,534,092 98,9534.64% 8,310,815 95,9814.62% 6,815,091 67,6483.97%Consumer 3,270,505 53,4516.63% 3,226,790 55,6246.84% 2,871,213 49,4706.99%Total loans 49,166,884 721,7925.88% 48,216,896 741,0536.14% 36,297,901 528,6485.83% Total earning assets $65,433,548 $885,2405.42% $64,456,815 $905,3145.61% $48,077,320 $635,7595.30% Less: Allowance for credit losses on loans (573,105) (570,659) (398,765) Non-earning Assets: Cash and due from banks $548,932 $558,909 $372,428 Other assets 7,044,468 7,111,237 5,394,600 Total assets $72,453,843 $71,556,302 $53,445,583 Interest-Bearing Liabilities: Checking and NOW accounts $10,966,236 $46,2951.71% $10,530,694 $47,9871.81% $8,026,407 $29,4621.49%Savings accounts 4,920,639 3,0110.25% 4,915,822 3,4100.28% 4,692,239 3,6080.31%Money market accounts 16,542,693 99,9562.45% 16,948,275 112,6442.64% 11,743,957 89,2753.08%Time deposits 9,749,234 84,0693.50% 9,363,453 85,9923.64% 6,963,444 68,1503.97%Total interest-bearing deposits 42,178,802 233,3312.24% 41,758,244 250,0332.38% 31,426,047 190,4952.46% Federal funds purchased and interbank borrowings 3,634 232.57% 4,593 544.66% 148,130 1,6254.45%Securities sold under agreements to repurchase 260,865 5940.92% 244,732 6501.05% 272,961 5510.82%Federal Home Loan Bank advances 6,303,888 58,0523.73% 5,854,007 56,7753.85% 4,464,590 41,8963.81%Other borrowings 1,172,559 12,8184.43% 836,908 8,9574.25% 675,759 8,1894.91%Total borrowed funds 7,740,946 71,4873.75% 6,940,240 66,4363.80% 5,561,440 52,2613.81% Total interest-bearing liabilities $49,919,748 $304,8182.48% $48,698,484 $316,4692.58% $36,987,487 $242,7562.66% Noninterest-Bearing Liabilities and Shareholders' Equity: Demand deposits $12,890,201 $13,318,459 $9,096,676 Other liabilities 1,099,674 1,148,292 944,935 Shareholders' equity 8,544,220 8,391,067 6,416,485 Total liabilities and shareholders' equity $72,453,843 $71,556,302 $53,445,583 Net interest rate spread 2.94% 3.03% 2.64% Net interest margin (GAAP) 3.50% 3.60% 3.23% Net interest margin (FTE)3 3.55% 3.65% 3.27% FTE adjustment $7,849 $8,013 $5,360 1Interest income is reflected on a FTE basis. 2Includes loans held-for-sale. 3Represents a non-GAAP financial measure. Refer to the "Non-GAAP Measures" table for reconciliations to GAAP financial measures. Asset Quality (EOP) (unaudited)($ in thousands) Three Months Ended March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 Allowance for credit losses: Beginning allowance for credit losses on loans$569,520 $572,178 $565,109 $401,932 $392,522 Allowance established for acquired PCD loans — — 13,104 90,442 — Provision for credit losses on loans 36,854 29,450 24,003 99,263 31,026 Gross charge-offs (37,307) (35,131) (35,402) (29,954) (24,540)Gross recoveries 5,291 3,023 5,364 3,426 2,924 NCOs (32,016) (32,108) (30,038) (26,528) (21,616)Ending allowance for credit losses on loans$574,358 $569,520 $572,178 $565,109 $401,932 Beginning allowance for credit losses on unfunded commitments$35,633 $32,338 $29,603 $22,031 $21,654 Provision (release) for credit losses on unfunded commitments (1,908) 3,295 2,735 7,572 377 Ending allowance for credit losses on unfunded commitments$33,725 $35,633 $32,338 $29,603 $22,031 Allowance for credit losses$608,083 $605,153 $604,516 $594,712 $423,963 Provision for credit losses on loans$36,854 $29,450 $24,003 $99,263 $31,026 Provision (release) for credit losses on unfunded commitments (1,908) 3,295 2,735 7,572 377 Provision for credit losses$34,946 $32,745 $26,738 $106,835 $31,403 NCOs / average loans1 0.26% 0.27% 0.25% 0.24% 0.24%Average loans1$49,157,096 $48,199,086 $48,153,186 $44,075,472 $36,284,059 EOP loans1 49,731,844 48,764,162 47,967,915 47,902,819 36,413,944 ACL on loans / EOP loans1 1.15% 1.17% 1.19% 1.18% 1.10%ACL / EOP loans1 1.22% 1.24% 1.26% 1.24% 1.16%Underperforming Assets: Loans 90 days and over (still accruing)$4,407 $2,691 $1,525 $16,893 $6,757 Nonaccrual loans 511,959 521,245 590,820 594,709 469,211 Foreclosed assets 5,786 6,235 6,325 7,986 6,301 Total underperforming assets$522,152 $530,171 $598,670 $619,588 $482,269 Classified and Criticized Assets: Nonaccrual loans$511,959 $521,245 $590,820 $594,709 $469,211 Substandard loans (still accruing) 1,881,374 1,759,221 1,881,294 1,969,260 1,479,630 Loans 90 days and over (still accruing) 4,407 2,691 1,525 16,893 6,757 Total classified loans - "problem loans" 2,397,740 2,283,157 2,473,639 2,580,862 1,955,598 Other classified assets 20,620 20,616 35,373 43,495 53,239 Special Mention 804,028 805,901 893,109 1,008,716 828,314 Total classified and criticized assets$3,222,388 $3,109,674 $3,402,121 $3,633,073 $2,837,151 Loans 30-89 days past due (still accruing)$114,038 $105,632 $83,030 $128,771 $72,517 Nonaccrual loans / EOP loans1 1.03% 1.07% 1.23% 1.24% 1.29%ACL / nonaccrual loans 119% 116% 102% 100% 90%Under-performing assets/EOP loans1 1.05% 1.09% 1.25% 1.29% 1.32%Under-performing assets/EOP assets 0.72% 0.73% 0.84% 0.87% 0.90%30+ day delinquencies/EOP loans1 0.24% 0.22% 0.18% 0.30% 0.22% 1Excludes loans held-for-sale. Non-GAAP Measures (unaudited)($ and shares in thousands, except per share data) Three Months Ended March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 Earnings Per Share: Net income applicable to common shares$229,638 $212,589 $178,533 $121,375 $140,625 Adjustments: Merger-related charges 7,323 24,547 69,274 41,206 5,856 Tax effect1 (1,810) (5,896) (16,494) (11,337) (1,089)Merger-related charges, net 5,513 18,651 52,780 29,869 4,767 Distribution of excess pension assets 3,394 — — — — Tax effect1 (839) — — — — Distribution of excess pension assets, net 2,555 — — — — Debt securities (gains) losses (75) (73) (7) 41 76 Tax effect1 19 18 2 (11) (14)Debt securities (gains) losses, net (56) (55) (5) 30 62 Pension plan loss (gain) — 15,878 — (21,001) — Tax effect1 — (3,814) — 5,778 — Pension plan loss (gain), net — 12,064 — (15,223) — FDIC special assessment — (2,994) — — — Tax effect1 — 719 — — — FDIC special assessment, net — (2,275) — — — CECL Day 1 non-PCD provision expense — — — 75,604 — Tax effect1 — — — (20,802) — CECL Day 1 non-PCD provision expense, net — — — 54,802 — Total adjustments, net 8,012 28,385 52,775 69,478 4,829 Net income applicable to common shares, adjusted$237,650 $240,974 $231,308 $190,853 $145,454 Weighted average diluted common shares outstanding 388,054 389,550 390,496 361,436 321,016 EPS, diluted$0.59 $0.55 $0.46 $0.34 $0.44 Adjusted EPS, diluted$0.61 $0.62 $0.59 $0.53 $0.45 NIM: Net interest income$572,573 $580,832 $574,609 $514,790 $387,643 Add: FTE adjustment2 7,849 8,013 7,975 7,063 5,360 Net interest income (FTE)$580,422 $588,845 $582,584 $521,853 $393,003 Average earning assets$65,433,548 $64,456,815 $64,032,811 $59,061,249 $48,077,320 NIM (GAAP) 3.50% 3.60% 3.59% 3.49% 3.23%NIM (FTE) 3.55% 3.65% 3.64% 3.53% 3.27% Refer to last page of Non-GAAP reconciliations for footnotes. Non-GAAP Measures (unaudited)($ in thousands) Three Months Ended March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 PPNR: Net interest income (FTE)2$580,422 $588,845 $582,584 $521,853 $393,003 Add: Noninterest income 122,346 109,759 130,461 132,517 93,794 Total revenue (FTE) 702,768 698,604 713,045 654,370 486,797 Less: Noninterest expense (364,704) (386,320) (445,734) (384,766) (268,471)PPNR$338,064 $312,284 $267,311 $269,604 $218,326 Adjustments: Pension plan loss (gain)$— $15,878 $— $(21,001)$— Debt securities (gains) losses (75) (73) (7) 41 76 Noninterest income adjustments (75) 15,805 (7) (20,960) 76 Adjusted noninterest income 122,271 125,564 130,454 111,557 93,870 Adjusted revenue$702,693 $714,409 $713,038 $633,410 $486,873 Adjustments: Merger-related charges$7,323 $24,547 $69,274 $41,206 $5,856 FDIC Special Assessment — (2,994) — — — Distribution of excess pension assets 3,394 — — — — Noninterest expense adjustments 10,717 21,553 69,274 41,206 5,856 Adjusted total noninterest expense (353,987) (364,767) (376,460) (343,560) (262,615)Adjusted PPNR$348,706 $349,642 $336,578 $289,850 $224,258 Efficiency Ratio: Noninterest expense$364,704 $386,320 $445,734 $384,766 $268,471 Less: Amortization of intangibles (25,623) (26,016) (26,184) (19,630) (6,830)Noninterest expense, excl. amortization of intangibles 339,081 360,304 419,550 365,136 261,641 Less: Amortization of tax credit investments (7,111) (9,822) (7,057) (5,815) (3,424)Less: Noninterest expense adjustments (10,717) (21,553) (69,274) (41,206) (5,856)Adjusted noninterest expense, excluding amortization$321,253 $328,929 $343,219 $318,115 $252,361 Total revenue (FTE)2$702,768 $698,604 $713,045 $654,370 $486,797 Less: Debt securities (gains) losses (75) (73) (7) 41 76 Less: Pension plan loss (gain) — 15,878 — (21,001) — Total adjusted revenue$702,693 $714,409 $713,038 $633,410 $486,873 Efficiency Ratio 48.3% 51.6% 58.8% 55.8% 53.7%Adjusted Efficiency Ratio 45.7% 46.0% 48.1% 50.2% 51.8% Refer to last page of Non-GAAP reconciliations for footnotes. Non-GAAP Measures (unaudited)($ in thousands) Three Months Ended March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 ROAE and ROATCE: Net income applicable to common shares$229,638 $212,589 $178,533 $121,375 $140,625 Amortization of intangibles 25,623 26,016 26,184 19,630 6,830 Tax effect1 (6,406) (6,504) (6,546) (4,908) (1,708)Amortization of intangibles, net 19,217 19,512 19,638 14,722 5,122 Net income applicable to common shares, excluding intangibles amortization 248,855 232,101 198,171 136,097 145,747 Total adjustments, net (see pg.12) 8,012 28,385 52,775 69,478 4,829 Adjusted net income applicable to common shares, excluding intangibles amortization$256,867 $260,486 $250,946 $205,575 $150,576 Average shareholders' equity$8,544,220 $8,391,067 $8,168,575 $7,452,116 $6,416,485 Less: Average preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)Average shareholders' common equity$8,300,501 $8,147,348 $7,924,856 $7,208,397 $6,172,766 Average goodwill and other intangible assets (2,894,824) (2,919,924) (2,931,319) (2,670,710) (2,292,526)Average tangible shareholder's common equity$5,405,677 $5,227,424 $4,993,537 $4,537,687 $3,880,240 ROAE 11.1% 10.4% 9.0% 6.7% 9.1%ROAE, adjusted 11.5% 11.8% 11.7% 10.6% 9.4%ROATCE 18.4% 17.8% 15.9% 12.0% 15.0%ROATCE, adjusted 19.0% 19.9% 20.1% 18.1% 15.5% Refer to last page of Non-GAAP reconciliations for footnotes. Non-GAAP Measures (unaudited)($ in thousands) As of March 31,December 31,September 30,June 30,March 31, 2026 2025 2025 2025 2025 Tangible Common Equity: Shareholders' equity$8,510,653 $8,494,788 $8,309,271 $8,126,387 $6,534,654 Less: Preferred equity (243,719) (243,719) (243,719) (243,719) (243,719)Shareholders' common equity$8,266,934 $8,251,069 $8,065,552 $7,882,668 $6,290,935 Less: Goodwill and other intangible assets (2,886,419) (2,907,986) (2,926,960) (2,944,372) (2,289,268)Tangible shareholders' common equity$5,380,515 $5,343,083 $5,138,592 $4,938,296 $4,001,667 Total assets$73,002,651 $72,151,967 $71,210,162 $70,979,805 $53,877,944 Less: Goodwill and other intangible assets (2,886,419) (2,907,986) (2,926,960) (2,944,372) (2,289,268)Tangible assets$70,116,232 $69,243,981 $68,283,202 $68,035,433 $51,588,676 Risk-weighted assets3$54,283,745 $53,617,620 $52,515,468 $52,517,871 $40,266,670 Tangible common equity to tangible assets 7.67% 7.72% 7.53% 7.26% 7.76%Tangible common equity to risk-weighted assets3 9.91% 9.97% 9.78% 9.40% 9.94%Tangible Common Book Value: Common shares outstanding 386,315 389,662 390,768 391,818 319,236 Tangible common book value$13.93 $13.71 $13.15 $12.60 $12.54 1Tax-effect calculations use management's estimate of the full year FTE tax rates (federal + state).2Calculated using the federal statutory tax rate in effect of 21% for all periods.3March 31, 2026 figures are preliminary. Source: Old National Bancorp